Jul 24, 2019
Innovations in Sun Protection Products Dictate Sales as Consumer Preferences Expand Beyond UV Protection, Says Fact.MR
by Team Fact.MR
A new Fact.MR study indicates that global sales of sun protection products was ~1 billion units in 2018. By the end of 2019, the report anticipates that the sales will rise by ~5%. The promising outlook of sun protection products market is primarily determined by mounting sales of high-to-moderate SPF sun-care products, which currently account for ~75% of the overall sales volume, says the study.
While the skincare regime continues to evolve at a brisk pace, the traditional approach of sun protection products is witnessing extension beyond UV protection, sunburn prevention, and skin cancer. The new members in the sun care range target the delivery of anti-pollution and anti-aging effects, through novel formulations.
While protection remains at the heart of preferences, of both consumers and market players, it is highly likely that the sun protection products market will continue to witness innovations that revolve around the multiple facets of protective attributes of sun care products. The Fact.MR report points to the growing popularity of ‘green labelled’ sun care products among consumers, in addition to the products with SPF ranging from 30 to 70.
The product development and innovation in the sun protection products related to different forms and packaging type is also increasing. Top companies are collaborating with prominent packaging companies to develop attractive products, and are also focused on regional expansion. Considering numerous offerings and various forms of sun protection product, it’s true that the market is highly competitive, and manufacturers are focused on developing natural and organic sun protection products to attract existing and untapped consumer base.
Tapping Opportunities in New Markets with Multifunctional Offerings
The demand for sun protection products with additional benefits, such as dark spots reduction, anti-aging, and anti-blemish is expected to rise in the future. Furthermore, innovation of wellness and beauty products is projected to reflect positively on the global sun protection products market. Increasing desire of consumers to look attractive and younger could create a whole lot of demands in the global sun protection products market.
The competition analysis of sun protection products market concludes that in addition to leading market participants in the sun protection products industry, other active players maintain their strategic focus on increasing regional presence by targeting a specific consumer base in respective regions. Packaging will remain among the key branding strategies for leading regional players, according to Fact.MR’s research. Increasing preference of companies for compact packaging formats marks a recently developing trends in market. Moreover, the trend of using natural ingredients in sun protection products is also reaching the peak of its popularity.
Region-specific regulatory framework related to UV filters continues to limit the use of specific ingredients, with remains a longstanding challenge for manufacturers looking to introduce flexible product ranges, targeting untapped regional markets. In some countries, medical prescription is essential for using certain sun protection products. By organizing awareness campaign, manufacturers can increase the overall volume sales by attracting untapped consumer base in underdeveloped countries.
This study examines the growth of global sun protection products market during 2019-2029, which forecasts that the global market volume will grow at ~5% CAGR during the assessment period.